Hawaiian Electric up after court rules against insurers in Maui wildfire settlement

Hawaiian Electric Industries

11/02/2025 11:54

** Shares of utility Hawaiian Electric  HE.N  rise 3.6% to
$10.44 premarket
    ** On Monday, Hawaii supreme court issued a decision
providing clarity regarding the rights of insurers filing
subrogation claims in the Maui wildfire tort litigation
    ** Last year, HE had agreed to pay roughly half of a $4
billon legal settlement to compensate victims of last year's
deadly Maui wildfires
    ** Supreme Court's decision clarifies once the settlement is
final, insurers seeking to recover amounts paid to settling
plaintiffs cannot separately sue defendants
    ** The decision aligns with HE's positions on key questions
that arose from insurers' challenges to the $4 billion
settlement agreement, the utility says in a statement
    ** Analysts at Jefferies say the decision improves
visibility towards finalizing the $4 billion settlement and is a
win for the utility
    ** However, brokerage adds that legislation providing
visibility into how future wildfires will be dealt with is
needed before the stock can move significantly higher
    ** "The odds of wildfire legislation passing in this session
should become clear around April or May" - Jefferies
    ** Brokerage maintains "hold" rating and price target of $10
    ** Up to last close, stock up 3.6% YTD

 (Reporting by Pooja Menon in Bengaluru)
 ((Pooja.Menon@thomsonreuters.com;))